Gold price rebounded strongly after being pressured in early trading session amid renewed concerns over defaults in peripheral European bonds. CDS for Greek bonds jumped to a record level while that for Spanish and Portugal bonds also soared. Weakness in market sentiment boosted flight for safety and sent gold modestly higher. The benchmark contract closed at 1245.9, up +0.90% but remained -1.63% below the all-time high at 1266.5 (June 21). Today in Asia, gold changes little but reduction in risk appetite should be bullish for the yellow metal.
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Risk Appetite Declines amid Renewed Worries over Peripheral European Economies
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